PepsiCo Announces Receipt of All Necessary Regulatory and Shareholder Approvals to Create Strategic Alliance in China with Tingyi Holding

PepsiCo, Inc.

today announced that it and Tingyi (Cayman Islands) Holding Corp. have received all necessary regulatory and shareholder approvals required to complete their transaction to create a strategic beverage alliance in China, which is projected to become the world's largest beverage market by 2015. The alliance was approved by the shareholders of Tingyi in February and received regulatory approval in China on March 29, 2012. PepsiCo and Tingyi are working to facilitate a smooth closure to the transaction at the earliest possible date.